v3.26.1
Debt (Tables)
6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Debt Obligations
Debt obligations consisted of the following as of the following periods:
June 30, 2026
Aggregate Principal CommittedOutstanding Principal
Unused Portion(7)
Amount Available(1)
Unamortized Debt Issuance CostsNet Carrying Value
Revolving Credit Facility(2)(3)(6)
$3,900,000 $591,509 $3,221,359 $3,221,359 $(17,955)$573,554 
SPV Asset Facility I650,000 294,200 355,800 140,237 (7,000)287,200 
SPV Asset Facility II2,000,000 1,002,000 998,000 142,979 (15,999)986,001 
SPV Asset Facility III2,000,000 1,233,500 766,500 123,961 (14,750)1,218,750 
SPV Asset Facility IV500,000 160,100 339,900 180,188 (5,029)155,071 
SPV Asset Facility V750,000 606,250 143,750 66,509 (4,653)601,597 
SPV Asset Facility VI1,350,000 677,000 673,000 368,660 (9,694)667,306 
SPV Asset Facility VII
500,000 397,000 103,000 59,661 (2,267)394,733 
SPV Asset Facility VIII1,000,000 662,500 337,500 220,731 (5,030)657,470 
SPV Asset Facility IX300,000 230,000 70,000 70,000 (2,377)227,623 
SPV Asset Facility X750,000 250,000 500,000 80,599 (4,588)245,412 
SPV Asset Facility XI500,000 250,000 250,000 113,602 (1,589)248,411 
CLO VIII375,000 375,000 — — (2,117)372,883 
CLO XI272,000 272,000 — — (3,922)268,078 
CLO XV312,000 312,000 — — (2,382)309,618 
CLO XVI420,000 420,000 — — (2,316)417,684 
CLO XVII325,000 325,000 — — (2,455)322,545 
CLO XVIII260,000 260,000 — — (1,619)258,381 
CLO XIX260,000 260,000 — — (1,768)258,232 
CLO XXII737,500 737,500 — — (2,910)734,590 
CLO XXIV600,000600,000 — — (2,640)597,360 
September 2026 Notes350,000 350,000 — — (410)349,590 
February 2027 Notes500,000 500,000 — — (996)499,004 
September 2027 Notes(4)
600,000 600,000 — — 2,348 596,750 
AUD 2027 Notes(2)(4)(5)
302,157 302,157 — — (1,318)307,764 
May 2028 Notes(4)
500,000 500,000 — — (5,289)491,706 
June 2028 Notes(4)
650,000 650,000 — — 4,251 645,843 
January 2029 Notes(4)
550,000 550,000 — — 112 542,480 
September 2029 Notes(4)
900,000 900,000 — — (6,029)898,697 
March 2030 Notes(4)
1,000,000 1,000,000 — — (15,936)955,404 
EUR 2031 Notes(2)(4)
571,808 571,808 — — (8,386)554,608 
March 2031 Notes(4)
750,000 750,000 — — (14,319)729,115 
October 2031 Notes(4)
500,000 500,000 — — (11,067)488,593 
Total Debt$24,935,465 $17,089,524 $7,758,809 $4,788,486 $(170,099)$16,862,053 
_______________
(1)The amount available reflects any limitations related to each credit facility’s borrowing base.
(2)Includes unrealized gain (loss) on translation of borrowings denominated in foreign currencies.
(3)The amount available and unused portion are reduced by $87.1 million of outstanding letters of credit.
(4)Net carrying value is inclusive of change in fair market value of effective hedge.
(5)AUD 2027 Notes are net of a cross-currency swap.
(6)As of June 30, 2026, the Company’s Revolving Credit Facility borrowing base value was $13.38 billion excluding cash.
(7)The unused portion is the amount upon which commitment fees, if any, are based.
December 31, 2025
Aggregate Principal CommittedOutstanding Principal
Unused Portion(7)
Amount Available(1)
Unamortized Debt Issuance (Costs) Premium
Net Carrying Value
Revolving Credit Facility(2)(3)(6)
$3,850,000 $995,268 $2,774,463 $2,774,463 $(20,441)$974,827 
SPV Asset Facility I650,000 238,600 411,400 32,307 (7,346)231,254 
SPV Asset Facility II2,000,000 932,000 1,068,000 173,356 (18,062)913,938 
SPV Asset Facility III
2,000,000 1,233,500 766,500 142,656 (16,599)1,216,901 
SPV Asset Facility IV500,000 175,000 325,000 135,793 (5,314)169,686 
SPV Asset Facility V750,000 606,250 143,750 43,905 (5,344)600,906 
SPV Asset Facility VI1,350,000 646,000 704,000 48,201 (12,323)633,677 
SPV Asset Facility VII(2)
500,000 463,585 36,415 35,092 (2,650)460,935 
SPV Asset Facility VIII1,000,000 587,500 412,500 100,696 (5,293)582,207 
SPV Asset Facility IX300,000 230,000 70,000 27,908 (2,693)227,307 
SPV Asset Facility X750,000 — 750,000 — (5,206)(5,206)
CLO VIII375,000 375,000 — — (2,213)372,787 
CLO XI260,000 260,000 — — (1,466)258,534 
CLO XV312,000 312,000 — — (2,504)309,496 
CLO XVI420,000 420,000 — — (2,432)417,568 
CLO XVII325,000 325,000 — — (2,575)322,425 
CLO XVIII260,000 260,000 — — (1,699)258,301 
CLO XIX260,000 260,000 — — (1,776)258,224 
CLO XXII737,500 737,500 — — (3,238)734,262 
September 2026 Notes350,000 350,000 — — (1,219)348,781 
February 2027 Notes500,000 500,000 — — (1,783)498,217 
September 2027 Notes(4)
600,000 600,000 — — 3,252 602,558 
AUD 2027 Notes(2)(4)(5)
300,771 300,771 — — (1,801)297,500 
May 2028 Notes(4)
500,000 500,000 — — (6,572)497,070 
June 2028 Notes(4)
650,000 650,000 — — 5,232 655,313 
January 2029 Notes(4)
550,000 550,000 — — (8,860)551,308 
September 2029 Notes(4)
900,000 900,000 — — (6,878)916,757 
March 2030 Notes(4)
1,000,000 1,000,000 — — (17,838)970,380 
EUR 2031 Notes(2)(4)
587,218 587,218 — — (9,107)571,783 
March 2031 Notes(4)
750,000 750,000 — — (15,595)742,633 
Total Debt$23,287,489 $15,745,192 $7,462,028 $3,514,377 $(180,343)$15,590,329 
_______________
(1)The amount available reflects any limitations related to each credit facility’s borrowing base.
(2)Includes unrealized gain (loss) on translation of borrowings denominated in foreign currencies.
(3)The amount available and unused portion are reduced by $80.3 million of outstanding letters of credit.
(4)Net carrying value is inclusive of change in fair market value of effective hedge.
(5)AUD 2027 Notes are net of a cross-currency swap.
(6)As of December 31, 2025, the Company’s Revolving Credit Facility borrowing base value was $15.84 billion excluding cash.
(7)The unused portion is the amount upon which commitment fees, if any, are based.
Schedule of Components of Interest Expense
The table below presents the components of interest expense for the following periods:
For the Three Months Ended June 30,For the Six Months Ended June 30,
2026202520262025
Interest expense$254,772 $235,797 $501,454 $449,373 
Amortization of debt issuance costs12,394 13,927 23,416 24,965 
Net change in unrealized (gain) loss on effective interest rate swaps and hedged items included in interest expense(1)
70 239 (427)(7,815)
Total Interest Expense$267,236 $249,963 $524,443 $466,523 
Average interest rate6.1 %6.6 %6.1 %6.7 %
Average daily borrowings$16,785,733 $14,036,753 $16,533,522 $13,272,417 
(1)Refer to the September 2027, AUD 2027, May 2028, June 2028, January 2029, September 2029, March 2030, EUR 2031, March 2031 and October 2031 Notes below and to “Note 7 — Derivative Instruments” for details on the facilities’ interest rate swaps.
Schedule of Contractual Payment Obligation
The table below presents a summary of the Company’s contractual payment obligations under credit facilities and notes as of June 30, 2026:
TotalLess than 1 year1-3 Years3-5 YearsAfter 5 years
Revolving Credit Facility$591,509 $— $— $591,509 $— 
SPV Asset Facility I294,200 — — — 294,200 
SPV Asset Facility II1,002,000 — — 1,002,000 — 
SPV Asset Facility III1,233,500 — — 1,233,500 — 
SPV Asset Facility IV160,100 — — — 160,100 
SPV Asset Facility V606,250 — — 606,250 — 
SPV Asset Facility VI677,000 — — — 677,000 
SPV Asset Facility VII397,000 — 397,000 — — 
SPV Asset Facility VIII662,500 — — — 662,500 
SPV Asset Facility IX230,000 — — 230,000 — 
SPV Asset Facility X250,000 — — — 250,000 
SPV Asset Facility XI250,000 — 250,000 — — 
CLO VIII375,000 — — — 375,000 
CLO XI272,000 — — — 272,000 
CLO XV312,000 — — — 312,000 
CLO XVI420,000 — — — 420,000 
CLO XVII325,000 — — — 325,000 
CLO XVIII260,000 — — — 260,000 
CLO XIX260,000 — — — 260,000 
CLO XXII737,500 — — — 737,500 
CLO XXIV600,000 — — — 600,000 
September 2026 Notes350,000 350,000 — — — 
February 2027 Notes500,000 500,000 — — — 
September 2027 Notes600,000 — 600,000 — — 
AUD 2027 Notes302,157 — 302,157 — — 
May 2028 Notes500,000 — 500,000 — — 
June 2028 Notes650,000 — 650,000 — — 
January 2029 Notes550,000 — 550,000 — — 
September 2029 Notes900,000 — — 900,000 — 
March 2030 Notes1,000,000 — — 1,000,000 — 
EUR 2031 Notes571,808 — — 571,808 — 
March 2031 Notes750,000 — — 750,000 — 
October 2031 Notes500,000 — — — 500,000 
Total Contractual Obligations$17,089,524 $850,000 $3,249,157 $6,885,067 $6,105,300 
In connection with the unsecured notes, the Company has received (made) the following periodic payments on the interest rate swaps for the following periods:
For the Three Months Ended June 30,For the Six Months Ended June 30,
2026202520262025
September 2027 Notes$— $— $(1,670)$(2,364)
AUD 2027 Notes - Interest rate swapA$41 A$(213)A$41 A$(213)
AUD 2027 Notes - Cross-currency swap(1)
(8,349)(1,339)(8,349)(1,339)
May 2028 Notes(365)— (365)— 
June 2028 Notes(1,177)(1,039)(1,177)(1,039)
January 2029 Notes— — (612)(2,864)
September 2029 Notes— — (969)(1,341)
March 2030 Notes— — (4,087)(8,101)
March 2031 Notes— — 932 (3,523)
EUR 2031 Notes(4,888)— (4,688)— 
October 2031 Notes— — — — 
_______________
(1)For three and six months ended June 30, 2026, the Company also received A$12.3 million and A$12.3 million of periodic payments on the interest rate swaps, respectively.